Wells Fargo positive; MFA Financial preferreds rise; Annaly Capital lifted

By James McCandless

San Antonio, March 25 – At the end of Wednesday activity, the preferred space managed to string together two positive days.

Leading activity, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferreds were up $2.11 to close at $20.96 on volume of about 1 million shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferreds picked up $1.45 to close at $17.35 with about 846,000 shares trading.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities jumped up $2.42 to close at $19.53 on volume of about 824,000 shares.

REIT MFA Financial, Inc.’s 6.5% series C fixed-to-floating rate cumulative redeemable preferreds gained 79 cents to close at $3.79 with about 774,000 shares trading.

Meanwhile, Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds improved by $2.50 to close at $16.50 on volume of about 725,000 shares.

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